LONDON (ShareCast) - (Sharecast News) - Exploration group Kavango Resources announced the acquisition of three new prospecting licences to further build the company's ground portfolio on Monday.
The London-listed company said the acquisition of the new prospecting licences followed completion of the first phase of the airborne electromagnetic survey over its Kalahari Suture Zone project.

Based on its previous work, Kavango's management said it believed it was "strategically important" that it secured additional ground to cover the key areas of prospectivity.

On 15 October, the firm announced the completion of the first phase of the airborne electromagnetic survey, which identified 26 conductive anomalies.

Following the completion of the survey, its 100%-owned subsidiary in Botswana had now been granted three additional prospecting licences, extending the group's ground holding along the Kalahari Suture Zone by a further 2,300 square kilometres.

It said two of the three new prospecting licences were contiguous, and immediately adjoined the northern area covered by the first phase of the airborne electromagnetic survey.

The company now held 15 prospecting licences that covered around 80% of the Kalahari Suture Zone - a 450 km long magnetic anomaly, and where Kavango was exploring for Ni-Cu-PGE rich sulphide orebodies.

It said its 15 prospecting licences on the project now covered a total of 9,231 square kilometres.

"Extending our land position to a total of 9,231 square kilometres following the assessment of our recent work provides the company with an important strategic ground holding on the highly prospective Kalahari Suture Zone," said chief executive officer Michael Foster.

"It is worth emphasising again that the zone is a 450 km long under-explored magnetic feature of geological significance in the south west of Botswana.

"Results of our ongoing exploration programme in the Kalahari Suture Zone area will be provided to the market in the near future, as they become available."

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